40% of employees said they’ll leave their current position for another job if that job has better perks and fringe benefits, and 68% of those people also think work perks are just as important as health coverage.
Yes. You read that right: These days, employee perks are almost as important as health coverage.
You wouldn’t expect to be competitive in the marketplace not offering health benefits, right? So, what does your perk program look like?
If the answer is “I don’t know”, or, “What is a perk program?”, might I suggest you listen to this week’s mini-episode of Crafting Culture? 😏
In this episode, I talk about the importance of having strong perks at your company in order to invest in your employees and retain your best leaders.
A perk program an essential part of your organization, but that picking the right one that fits your team is just as vital. Have a listen!
Kate Marshall: So the short answer is perks programs are right for every company. You just have to figure out exactly what that looks like as it caters to your team’s unique personalities and needs
Announcer: You are listening to Crafting Culture, a podcast dedicated to helping CEOs, people Ops, and HR teams create an incredible company culture. If you’re looking for inspiration, practical advice, or tangible examples of what great culture looks like then you’ve come to the right place. Let’s get into the show.
Kate: Welcome back to crafting culture. My name is Kate Marshall. I’m the head of content at Zestful as well and the host of the perks series for crafting culture. Today we’ll talk about how to know if a perks program is right for your company.
40% of employees agreed that they would leave their current job within just a year for another company if the other company offered them more fringe benefits. And 68% uh of people think work perks are just as important as health coverage. Those stats are pretty crazy, but truthfully they didn’t surprise us for one second. We’ve worked with small businesses with fewer than 10 employees, to teams with more than 1,000 employees. Yet despite the huge difference in organizational structure, all of these companies have the same goal in mind – to reward, recognize, and empower their employees.
So the short answer is, perks programs are right for every company. You just have to figure out exactly what that looks like as it caters to your team’s unique personalities and needs. It’s super important to know that there’s no one size fits all when it comes to perks. We pulled some data from the Zestful platform and in the past six months the top five perk programs include: clothing and products, fitness and health, events and experiences, home and life, and charity.
Of course company size and goals are factors, but what the data ultimately shows is that choosing the right programs for your team is just as important as implementing the perks program in the first place. The data also gave us a really good baseline when we’re recommending programs for our customers. Of the companies that work with us currently, those with 1 to 25 employees utilize food and drink perks first say $20 a month to spend at Starbucks or on lunch, followed by home and life, and then entertainment. Alternatively, a company with anywhere from 101 to 500 employees utilized home and life perks first. So $20 a month to spend on Uber and Lyft or Amazon. And this was closely followed by food and drink, with fitness and health perks coming in a close second.
At Zestful it’s a surprise to no one that we have some stellar perks in place, but it’s for good reason. Our philosophy is this, salaries tend to be used on boring expenses, like rent, bills, insurance, food, gas, student loans, and the list goes on. We give employees great salaries to make sure they can afford those things, but we also believe it’s incredibly important to give them a balance that they can only use on fun things that they love. Our perk stack currently looks like this. Get ready. $200 a month to spend on anything in the catalog, $50 a month to spend on fitness and health, $365 a year to spend on education, $10 a month to donate to charity, $50 a month to give to team members, AKA peer-to-peer, a $50 starting bonus, $50 work anniversary reward, a $50 birthday reward, and finally $30 a month to give to someone outside of the company like a partner or family member. So when you’re thinking about implementing perks at work, just make sure that you’re creating a robust program that has clear goals, has a meaningful impact and considers the needs and different personalities of each of your employees. Your team is diverse. So your perk program should be too.
If you have questions or want to chat more, I’d love to be friends. Connect with me on LinkedIn by searching Kate Marshall Zestful. Also, if you’re not already subscribed to Crafting Culture hit the subscribe button wherever you listen to your podcasts.
Announcer: Are you spending way too much time reimbursing your employees for your company’s monthly gym stipend, travel expenses, or meal plans? Well, what if we told you you didn’t have to. Zestful is the ultimate employee perk. Customize your company’s perk programs all the way down to a specific person or team. Designate balances for different categories, and then automate it all so you can set it and forget it. Visit zestful.com slash crafting culture today to learn more. That’s Z E S T F U L dot com slash crafting culture. Thanks for listening to Crafting Culture from Sweetfish Media. Whether it’s at the office or at home, here’s to getting better every single day. Let’s never stop learning.